Danone: Solid sales trend in Q3

BUY, Fair Value EUR71 (+22%)

News published on
October Monday 19, 2015

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Q3 2015 sales came out globally in line with
market expectations. They reached EUR5,641m (BG: EUR5,653m and CS: EUR5,636m),
increasing 4.2% reportedly and 4.6% on an organic basis (BG and CS: +4.3%).
This is mainly driven by the Early Life Nutrition, up 10.9% organically. The
good news is that yoghurts came back into positive territory (+0.6% after -0.4%
in H1) as most of the negative effect related to the rationalisation of the
portolio in Europe disappeared in Q3.